Amr Taha2026-05-29

ETH Binance Open Interest Surges 336K, Highest Since 2019, as Taker Selling Hits -$744M

Ethereum is entering a high-volatility setup as open interest rises sharply across major exchanges while aggressive sellers dominate Binance derivatives flow. On May 28, Binance led the move with a 336,000 ETH increase in 30-day open interest while ETH traded near $1,990. This marks the highest positive Binance reading in the current chart since May 2019. Other exchanges also saw strong increases: OKX added 106,500 ETH, Bybit added 34,600 ETH, and Deribit added 26,700 ETH. Together, the four venues added roughly 503,800 ETH, equal to nearly $1 billion in notional exposure. But the key signal is that this leverage build-up came alongside heavy sell-side pressure. Binance Cumulative Net Taker Volume fell to around -$744 million, its deepest negative reading since April 6, 2026. This means new leverage entered the market while aggressive sellers were still in control, making the setup more fragile than a clean bullish open-interest expansion. Historically, sharp ETH open interest spikes have produced mixed outcomes. In some cases, they preceded downside moves and liquidations. In others, they became fuel for a later rebound or short squeeze. A similar Binance OI build-up on June 20, 2025, near 250,000 ETH, was followed by ETH’s rally above $4,600. For now, Binance appears to be the center of ETH derivatives stress, with both the largest open interest increase and the strongest aggressive selling pressure.